Summary of global markets and news
Market Overview
Tensions between the US and Iran have escalated again, with the three major US stock indices falling collectively. Among them, the S&P 500 Index and the Nasdaq Composite Index have both pulled back from their recently set record highs. The software sector was the main drag on the market: ServiceNow, whose large orders face increased uncertainty due to the Middle East conflict, saw its stock price drop nearly 18%, significantly weighing on the overall performance of software stocks. Salesforce fell nearly 9%, leading the decline in the Dow Jones Industrial Average, while Microsoft dropped nearly 4%. Tesla, which raised its capital expenditure forecast for the year, saw its stock price fall more than 3%, and IBM, whose Q1 revenue growth slowed, dropped more than 8%. In sharp contrast, the chip sector performed strongly: the chip index rose nearly 2%, achieving a 17-day consecutive gain and setting a record for the longest winning streak. Texas Instruments, which delivered strong quarterly results and guidance, saw its stock price rise 19%. Intel, whose Q1 revenue and Q2 guidance both exceeded market expectations, saw its after-hours stock price surge more than 20% at one point. Nokia, whose Q1 profit exceeded market expectations, saw its stock price rise more than 6% in European markets.
According to relevant reports, Iran activated its capital's air defense system to intercept suspected "hostile" targets. Affected by this, U.S. Treasury yields rose intraday to a one-week high; the U.S. Dollar Index accelerated its upward movement, hitting a nearly two-week high. The offshore RMB exchange rate once approached 6.84, a new low in more than a week; Bitcoin prices once approached 77,000 US dollars, a drop of more than 2% from the intraday high.
In the commodity market, after the news of Iran activating its air defense system broke, crude oil prices rose sharply intraday, refreshing the intraday high with an increase of more than 5%, and closed up more than 3%. Among them, the closing price of Brent crude oil hit a new high in more than two weeks; gold prices fluctuated in the opposite direction, refreshing the intraday low with a drop of more than 1%.
During the Asian trading session, China's ChiNext Index fell nearly 1%, and the computing power hardware sector weakened collectively. Among them, Zhongji Innolight saw its market value exceed 1 trillion yuan intraday, and the non-ferrous metals sector generally fell. Hong Kong's Hang Seng Tech Index plummeted 2%, with tech stocks showing a general downward trend.
Key News
China
PwC has reached an agreement with relevant parties regarding false financial reports, agreeing to compensate relevant Evergrande shareholders 1 billion Hong Kong dollars. At the same time, it will also face a fine of 300 million Hong Kong dollars and a six-month suspension of business.
Yao Shunyu delivered his first performance report since taking office, with the official release of the Tencent Hunyuan 3 Preview large model. The model has a total parameter of 295 billion and an activated parameter of 21 billion, focusing on enhancing core Agent and Coding capabilities.
Overseas
Trump ordered the sinking of any ships laying mines in the Strait of Hormuz, claiming to have "completely blocked" the strait until Iran is willing to reach a relevant agreement. He stated that he is not in a hurry to promote the agreement and has ample time, but Iran is in a "countdown" phase. His goal is to reach a "permanent agreement" with Iran, and he clearly stated that he will not consider using nuclear weapons against Iran. In addition, the ceasefire agreement between Israel and Lebanon will be extended for three weeks.
According to Iranian media reports, Iran activated the Tehran air defense system to intercept "hostile targets" for the purpose of responding to small drones, while Israel denied carrying out air strikes. Israeli media reported that the Speaker of Iran's Parliament has resigned from his position in the negotiation team; Pakistan stated that the US-Iran negotiations are currently at an impasse, and Iran's Ministry of Foreign Affairs made it clear that the focus of the negotiations has shifted from the nuclear issue to a complete ceasefire. Iran's central bank revealed that the first toll for the Strait of Hormuz has been credited in the form of "cash foreign exchange".
The initial value of the US manufacturing PMI in April hit a nearly four-year high. However, this growth was mainly driven by inventory hoarding, which cannot hide the weak demand situation. The rebound in inflation has also put the Federal Reserve in a policy dilemma.
OpenAI released its most powerful model, GPT-5.5, whose performance comprehensively surpasses Claude, as it strives to seize the enterprise-level paid market. At the same time, Anthropic's valuation in the secondary market soared to 1 trillion US dollars, exceeding OpenAI's valuation level.
Driven by demand from the AI industry, Intel's Q2 performance guidance exceeded market expectations, with its after-hours stock price surging more than 20% at one point; SAP's Q1 cloud business revenue grew 19% beyond expectations, with its US after-hours stock price rising more than 10% at one point; Nokia's AI cloud business exploded, with Q1 operating profit increasing by 54% and its stock price hitting a 16-year high.
Market Closing Quotes
US and European Stocks: The S&P 500 Index fell 0.41% to 7,108.40 points; the Dow Jones Industrial Average fell 0.36% to 49,310.32 points; the Nasdaq Composite Index fell 0.89% to 24,438.504 points. Europe's STOXX 600 Index rose 0.05% to 614.20 points.
A-Shares: The Shanghai Composite Index closed down 0.32% to 4,093.25 points; the Shenzhen Component Index closed down 0.88% to 15,043.45 points; the ChiNext Index closed down 0.87% to 3,720.25 points.
Bond Market: By the close of the bond market, the US 10-year Treasury yield was about 4.32%, up about 2 basis points intraday; the US 2-year Treasury yield was about 3.83%, up about 3 basis points intraday.
Commodities: WTI June crude oil futures closed up 3.11% to 95.85 US dollars per barrel; Brent June crude oil futures closed up 3.1% to 105.07 US dollars per barrel; COMEX June gold futures closed down 0.61% to 4,724 US dollars per ounce; COMEX May silver futures closed down 3.15% to 75.504 US dollars per ounce; LME copper futures closed down about 0.6% to 13,356 US dollars per ton; LME aluminum futures closed up about 0.2% to 3,620 US dollars per ton; LME nickel futures closed up about 1.5% to 18,737 US dollars per ton.
Key News Details
Global Heavyweight News
China
PwC has reached an agreement with the Securities and Futures Commission of Hong Kong (SFC) regarding false financial reports, agreeing to compensate eligible independent minority shareholders 1 billion Hong Kong dollars for Evergrande's false financial statements in 2019 and 2020. This compensation is regarded as a precedent in the relevant field by the industry. The Hong Kong Financial Reporting Council (FRC) also imposed a fine of 300 million Hong Kong dollars and a six-month practice restriction on PwC, and fined two of its former partners 5 million Hong Kong dollars each.
Yao Shunyu delivered his first performance report since taking office, with the official release and open-sourcing of the Tencent Hunyuan 3 Preview large model (Hy3 preview). The model has a total parameter of 295 billion and an activated parameter of 21 billion, focusing on high cost-effectiveness and practicality, with enhanced Agent and Coding capabilities. It performed prominently in code and search agent evaluations such as SWE-Bench and Terminal-Bench, and also has strong competitiveness in related tasks such as ClawEval.
Zhongji Innolight's market value exceeded 1 trillion yuan intraday, becoming the second stock on the ChiNext Index with a market value exceeding 1 trillion yuan. Its rise also highlights Suzhou's advantages in the relevant industrial fields. Zhongji Innolight originated in Suzhou, and its core performance comes almost entirely from its wholly-owned subsidiary Suzhou Innolight, which contributes more than 95% of the parent company's revenue. In the past year, Suzhou's chip concept stocks have performed brightly, with the top ten gainers averaging as high as 152.9%. Currently, Suzhou has formed an industrial cluster covering the entire AI computing power industry chain, and the "half-hour supply chain circle" has become its unique core competitiveness, with a complete industrial chain layout from optical chips to PCB boards. According to public data, Zhongji Innolight achieved operating income of 19.496 billion yuan in Q1 2026, a year-on-year increase of 192.12%; net profit attributable to parent company was 5.735 billion yuan, a year-on-year increase of 262.28%, with performance exceeding market expectations. It is also the largest heavyweight stock held by public funds, with a market value of 73.896 billion yuan held by public funds at the end of Q1 2026.
New Easy Sheng achieved a doubling of Q1 revenue, exceeding the 8 billion yuan mark, with a net profit of 2.78 billion yuan, a year-on-year increase of 76.8%. Specifically, New Easy Sheng achieved operating income of 8.338 billion yuan in Q1 2026, a year-on-year increase of 105.76%; net profit attributable to parent company was 2.780 billion yuan, a year-on-year increase of 76.80%; non-net profit attributable to parent company was 2.768 billion yuan, a year-on-year increase of 76.44%. It is worth noting that the biggest variable affecting the company's profit margin comes from financial expenses: the financial expenses in Q1 reached 522 million yuan, mainly due to increased exchange losses; at the same time, the asset impairment loss accrued by the company was 83 million yuan, an increase year-on-year. The combination of these two factors dragged down the company's net profit margin performance. It is reported that the company's performance growth is mainly due to the continuous growth of terminal customers' computing power investment and the substantial increase in sales revenue of high-speed optical module products.
China Micro Semiconductor's Q1 revenue increased by 57.47% year-on-year, net profit increased by 48.89%, and shipments exceeded 1.2 billion units. Specifically, China Micro Semiconductor's Q1 2026 revenue increased by nearly 60%, and the net profit attributable to listed shareholders was 51.2484 million yuan, a year-on-year increase of 48.89%. Driven by the tight supply of upstream wafer production capacity, the company's Q1 shipments were about 1.2 billion units, a year-on-year increase of about 38%, and product prices rose simultaneously, driving the gross profit margin to 38%.
Driven by AI demand, the demand for high-end PCB market exploded. Shennan Circuit's Q1 revenue increased by 38% year-on-year, and net profit increased by 73% to 850 million yuan. Specific data shows that Shennan Circuit's Q1 revenue was 6.596 billion yuan, a year-on-year increase of 37.90%; net profit attributable to parent company was 850 million yuan, a year-on-year increase of 73.01%. The demand for high-end PCBs driven by AI computing power is the main driver of the company's performance growth. The company's non-net profit attributable to parent company is almost the same as the net profit attributable to parent company, showing solid main business profitability; however, the net cash flow from operating activities fell by 59.62% year-on-year, mainly due to the substantial increase in procurement and salary expenses during the capacity expansion. Currently, the company's capital expenditure has accelerated significantly, the construction of new factories is progressing in an orderly manner, and financing activities have provided strong support for capacity expansion.
Overseas
Trump publicly stated that he has "completely blocked" the Strait of Hormuz until Iran is willing to reach a relevant agreement, and ordered the sinking of any ships laying mines in the strait; at the same time, Iran is said to have activated the Tehran air defense system to intercept "hostile targets", while Israel denied carrying out air strikes.
Trump emphasized again that he is not under pressure to end the war against Iran and is not in a hurry to reach an agreement with Iran, while expressing his hope to reach the "best" and "permanent" agreement. When asked whether he would consider using nuclear weapons against Iran, Trump clearly replied "no", claiming that even without launching a nuclear strike, the United States has "completely destroyed" Iran.
Israeli media reported that the Speaker of Iran's Parliament has resigned from his position in the negotiation team. After the news broke, the US stock market's decline further expanded, with the Nasdaq Composite Index falling more than 1%. After the news of Iran activating the Tehran air defense system broke, crude oil prices quickly refreshed the intraday high with an increase of more than 5%; later, Iranian media added that the purpose of activating the air defense system is to respond to small drones.
According to Iranian media reports, Iran has formulated a counterattack plan for potential military actions by the United States and its allies. A Pakistani diplomat stated that the US-Iran negotiations are currently "at an impasse"; Israel's Defense Minister threatened Iran, saying that it is ready to restart the war and only needs to wait for the United States to "give the green light". Iran's Ministry of Foreign Affairs clearly stated that the focus of the current negotiations has shifted from the nuclear issue to a complete ceasefire.
Iran's leadership collectively denied the existence of internal strife and division. Iran's Supreme Leader stated that the unity of the people has divided the enemy. Iranian media reported that four Iranian oil tankers have broken through the US military blockade in the past two days; Iran's Judiciary Chief stated that the United States does not dare to approach the Strait of Hormuz, and the Iranian fleet is on high alert in the strait. In addition, Iran's central bank revealed that the first toll for the Strait of Hormuz has been credited in the form of "cash foreign exchange".
The US military's USS Bush aircraft carrier has approached the Middle East region. Trump stated that he has ample time, but Iran is in a "countdown" phase. Relevant reports show that the USS Bush aircraft carrier strike group has a total of more than 5,000 officers and soldiers, and the aircraft carrier is likely to replace the USS Ford; during the handover period, it is expected that the US military will form a three-carrier deployment posture in the Middle East region: the USS Bush, the USS Ford, and the USS Lincoln. Trump once again denied on Thursday that he is in a hurry to end the war against Iran.
Trump stated on his social media platform that the ceasefire agreement between Israel and Lebanon will be extended for three weeks.
"Security is not free". Iran has received the first toll for the Strait of Hormuz, while the US military stated that it intercepted two Iranian supertankers. Iran's Deputy Speaker of Parliament revealed that the first toll revenue from the Strait of Hormuz has been remitted to the central bank account. It is reported that Iran's arrangement to collect tolls from passing ships can be traced back to the beginning of the ceasefire agreement; according to CCTV's report on April 8, the two-week ceasefire agreement reached in early April included provisions allowing Iran and Oman to collect tolls from passing ships, and the funds raised by Iran will be used for post-war reconstruction.
Iranian media reported last week that Iran suffered a "digital decapitation": before the enemy's missiles landed, a large number of US-brand routers in Iran crashed, network paralysis led to radar loss and command link interruption, and the troops were instantly "blind". According to reports, Iran's network laboratory will release more evidence and information in the near future, indicating that relevant equipment manufacturers have technical cooperation with the US and Israeli governments. Previously, US media named Cisco, Microsoft, Google, Amazon, IBM and AI leading enterprise Palantir, saying that these enterprises have provided relevant technical support to the United States and Israel.
The risk of the Iran war remains high, and the Trump administration may take action to further suppress oil prices. Relevant reports say that it plans to extend the "ship ban" exemption of the Jones Act. Reports indicate that the extension of the suspension of the act may be announced as early as this Friday, and it is currently unclear the duration of the extension and the scope of commodities covered.
The US Senate vetoed the bill to restrict Trump's war powers for the fifth time with 51 votes against. The Democratic Party stated that it will continue to promote weekly votes until the Republicans come to their senses. Senate Minority Leader Schumer said: "The longer Trump delays getting the United States out of this war, the deeper the United States will be mired in the quagmire, and the harder it will be for him to get out."
The initial value of the US manufacturing PMI in April hit a nearly four-year high. However, the growth driven by inventory hoarding cannot hide the weak demand situation, and the rebound in inflation has also put the Federal Reserve in a policy dilemma. Specific data shows that the initial value of the US composite PMI in April rose to 52, a three-month high, indicating a moderate economic growth; the manufacturing PMI recorded 54, and this growth was partly driven by tariff-driven preventive inventory hoarding, not real demand; the service sector PMI rose to 51.3, but it is still at a low level, reflecting the weak demand situation. In addition, the price increase of goods and services hit the highest level since July 2022, and inflationary pressure continues to intensify. Economist Williamson warned that in the context of weak economic growth and rising inflation, the threshold for the Federal Reserve to cut interest rates has been significantly raised.
OpenAI released its most powerful model, GPT-5.5, whose performance comprehensively surpasses Claude, as it strives to seize the enterprise-level paid market. It is reported that in tests in the fields of programming, scientific research and knowledge work, GPT-5.5 performed comprehensively better than Claude and Gemini, and achieved higher intelligence level with reasoning delay equivalent to the previous generation. An engineer who tested it said that using GPT-5.5 is "like collaborating with a higher-level intelligent creature". GPT-5.5 was opened to paid users of ChatGPT and programming tool Codex on Thursday.
OpenAI CEO Altman recently delivered a 10,000-word speech, pointing out that many people have used AI incorrectly. They only stay at the level of reading articles to understand AI, and do not really use AI to turn ideas into reality. Altman clarified OpenAI's core business logic - "computing power is not a cost but a profit center", and the company will achieve unlimited expansion by earning the difference in computing power. In terms of strategic layout, OpenAI has resolutely shut down the Sora project and fully bet on the fields of "Agent" and "Personal AGI".
Anthropic's valuation in the secondary market soared to 1 trillion US dollars, surpassing OpenAI's valuation of 880 billion US dollars. Driven by the company's surging revenue and the rising popularity of Claude Code, there has been an extreme supply-demand imbalance for Anthropic in the private secondary market, with sellers' asking prices even rising to 1.15 trillion US dollars. Currently, Anthropic's shares have become a "hard-to-get" status symbol, a phenomenon that also reflects the fanatical emotional game in the current AI track.
Driven by demand from the AI industry, Intel's Q2 performance guidance exceeded market expectations, with its after-hours stock price surging more than 20% at one point, and market expectations for CPU demand growth continue to rise. Specifically, Intel's Q1 financial report and Q2 performance guidance comprehensively exceeded market expectations: Q1 revenue increased by 7% year-on-year to 13.6 billion US dollars, higher than the market expectation of 12.4 billion US dollars; Q2 guidance revenue reached 13.8 billion to 14.8 billion US dollars, with a median of 14.3 billion US dollars, also higher than the market expectation of 13 billion US dollars. Among them, the Q1 revenue of the data center department reached 5.1 billion US dollars, a year-on-year increase of 22% beyond expectations. Intel CEO stated that customer demand is very large, and the company will focus on expanding production with all efforts.
Intel revealed in a conference call that its expenditure on chip manufacturing equipment in 2026 will increase by 25% year-on-year.
German enterprise software giant SAP released its Q1 performance, with its cloud business revenue growing 19% beyond expectations, and its US after-hours stock price rising more than 10% at one point. Specific data shows that SAP's Q1 cloud business revenue was 5.96 billion euros (about 7 billion US dollars), slightly higher than the analysts' average expectation of 5.9 billion euros; the company maintained its full-year cloud revenue guidance unchanged, expecting full-year cloud revenue to be between 25.5 billion and 26.2 billion euros.
Nokia achieved a brilliant transformation, with its AI cloud business exploding, Q1 operating profit increasing by 54%, and its stock price hitting a 16-year high. According to Nokia's Q1 2026 interim report, the company's Q1 comparable operating profit increased significantly year-on-year to 281 million euros, mainly driven by the explosive growth of AI and cloud customer demand. Relevant orders exceeded 1 billion euros in a single quarter, with sales increasing by 49%. Nokia also raised its full-year and medium-term growth expectations, predicting that the AI and cloud market will grow at an average annual rate of 27% in the future, which will drive the accelerated expansion of the network infrastructure business. Driven by the wave of AI data center investment, Nokia is gradually transforming from a traditional telecom equipment manufacturer to a key network infrastructure provider. It is reported that Nokia's Q1 comparable net sales increased by 4% year-on-year (calculated by constant currency and product mix), and the net sales of network infrastructure increased by 6% year-on-year, including a 20% growth in the optical network business and a 3% year-on-year growth in mobile infrastructure net sales.
Selected Research Reports
The continuous rise in oil prices has released a "warning" signal, but the US stock market has remained flat and not significantly affected. Behind this rare "decoupling" phenomenon is the "paper prosperity" supported by a strong earnings season and option structure. However, it should be noted that the current market breadth has dropped to the narrowest level since the Internet bubble, the VIX index has returned to above 20, and the entire US stock market rally is based on the single assumption that "the conflict will eventually be resolved". Once the ceasefire agreement breaks down, the current upward trend may reverse completely.
After Walsh takes office, will he promote "interest rate cuts + balance sheet reduction"? Chen Jiali, a macro analyst at GF Securities, believes that Walsh is most likely to promote "visible but harmless" institutional reforms, such as reducing FOMC press conferences and canceling the dot plot. The pace of balance sheet reduction is expected to be relatively slow, and there will be no substantial new QT plan in the short term; compared with balance sheet reduction, the probability of interest rate cuts is higher. Currently, the US economy shows a significant structural differentiation: the AI industry has achieved rapid growth, but the employment and profitability of traditional sectors continue to be under pressure, and the Federal Reserve cannot ignore the pressure from dual goals.
Is the SaaS industry facing a "doomsday"? After investigating 40 relevant companies, Goldman Sachs stated that this may be a larger growth narrative. Goldman Sachs believes that software companies are gradually shifting their business model from selling functions and seats to selling "labor or productivity units". This transformation means that software companies will be able to enter the labor budget market, which is much larger than the traditional software budget, thereby significantly expanding the overall addressable market (TAM). At the same time, the industry value is being redistributed from cutting-edge large model laboratories to the software application layer and runtime layer. This structural transformation will provide positive support for the long-term valuation logic of SaaS stocks.
TSMC's "complaint about high prices" has attracted market attention, and ASML's stock price fell in response, with analysts rushing to "put out the fire". Analysts generally believe that TSMC's relevant statement is not unexpected, and should not be overinterpreted as a warning signal for ASML's long-term demand prospects. ASML's monopoly position in the lithography equipment field remains solid, while Intel and Samsung have a significantly more positive attitude towards high numerical aperture extreme EUV.
Domestic Macro
The General Office of the Central Committee of the Communist Party of China and the General Office of the State Council jointly issued the "Comprehensive Evaluation and Assessment Measures for Carbon Peaking and Carbon Neutrality", clearly proposing the formulation of the "15th Five-Year Plan" carbon peaking action plan to achieve the peak of total coal consumption and total oil consumption. According to the measures, during the "15th Five-Year Plan" period, the National Development and Reform Commission shall, together with relevant departments, formulate the "15th Five-Year Plan" carbon peaking action plan around the goal of achieving carbon peaking before 2030, ensure the achievement of core goals such as a 65% or more reduction in carbon emission intensity by 2030 compared with 2005 and a 25% share of non-fossil energy consumption by 2030, achieve the peak of total coal consumption and total oil consumption, reasonably control the scale of coal-fired power installed capacity and power generation, and strive to gradually cover the new social electricity demand with the new clean energy power generation capacity every year.
Domestic Companies
CATL CTO Gao Huan expressed his views at the Super Technology Day, believing that the use of lithium iron phosphate batteries in electric vehicles above 250,000 yuan is a "disguised cutback". His reason is that lithium iron phosphate batteries have low energy density, leading to vehicles needing to "stack weight" to achieve cruising range, which seriously impairs the vehicle's energy consumption and handling performance. To solve this problem, CATL launched the third-generation Kirin battery, which achieves a 1,000-kilometer cruising range and significantly reduces vehicle weight by increasing energy density.
Goertek's Q1 revenue increased by 14% year-on-year, and its net profit increased by 7% year-on-year, dragged down by exchange losses, maintaining a steady growth trend in overall performance.
Shenwanda's Q1 revenue increased by 31% year-on-year, and its net profit attributable to parent company fell by 70% year-on-year, also dragged down by exchange losses, showing a differentiated performance.
China Telecom's Q1 revenue and net profit both declined, but its intelligent revenue increased by nearly 40% year-on-year. AI and cloud businesses have become new engines for the company's development, providing support for future growth.
The rapid development of AI technology is leading to the mass elimination of some actors, while their right of portrait is facing the dilemma of being used at low prices or even free of charge. AI technology allows celebrities to make money "by their faces", but ordinary people's portraits are "freely used" for AI video production. Recently, iQiyi launched the "AI Artist Library", which triggered a collective protest from actors. Studios of Zhang Ruoyun, Yu Hewei and other artists issued urgent statements denying authorization for relevant use. From the Hollywood strike to the replacement of real-life shooting by domestic AI short dramas, driven by both cost and efficiency, second and third-tier actors are facing the crisis of being fully replaced by AI. More notably, ordinary people's portraits are often used without permission in popular short dramas, and the rights protection process is difficult. At present, the regulatory authorities have intervened in relevant matters, but the boundary of AI portrait rights is still vague, and relevant norms need to be further improved.
Overseas Macro
The US midterm elections are approaching, but Trump has not focused on economic issues, which has made the Republican Party anxious. Recently, Trump has turned his attention to topics such as the Arc de Triomphe concept, White House UFC fights, celebrity gossip and cultural and religious issues, rarely responding to people's concerns. The Democratic Party took the opportunity to re-focus on economic issues, while the Republican Party has shown signs of anxiety and "defection". Currently, 38 Republican House members have announced that they will not seek re-election, compared with only 23 Democrats.
"Mad King" Trump, the "crazy war" and the "frenzied market" have become the true portrayal of the current international situation and market. A "mad king" president who was asked to leave the war room launched an unsolvable war that reverses by the hour, thus creating an out-of-control market that even mainstream media find difficult to interpret. The newly disclosed inside information allows the outside world to more clearly understand the root cause of this "madness and out-of-control" and its possible direction of the situation.
Overseas Companies
Tesla has officially entered the "money-burning infrastructure period". This round of capital expenditure expansion covers multiple fields such as manufacturing capacity, energy, automobiles and semiconductors. At the same time, the company is also investing heavily in computing power and the next generation of physical AI infrastructure. Morgan Stanley raised its forecast for Tesla's 2026 capital expenditure to 26.1 billion US dollars, higher than Tesla's own guidance of 25 billion US dollars; at the same time, it lowered its forecast for Tesla's full-year free cash flow from negative 8.4 billion US dollars to negative 11.6 billion US dollars, reflecting market concerns about its capital expenditure expansion.
Relevant reports show that SpaceX plans to produce GPUs independently to strengthen its own AI infrastructure and cope with the uncertainty of chip supply. This ambitious "Terafab" project aims to achieve full-chain autonomy from chip design to manufacturing, but it also indicates that the project will face extremely high technical thresholds and huge capital expenditure.
Industry/Concept
1. Carbon Neutrality | According to Xinhua News Agency, recently, the General Office of the Central Committee of the Communist Party of China and the General Office of the State Council jointly issued the "Comprehensive Evaluation and Assessment Measures for Carbon Peaking and Carbon Neutrality". Oriental Securities analysts believe that the road to carbon reduction is long and arduous, and the speed of carbon reduction applications such as green fuels is expected to accelerate during the "15th Five-Year Plan" period. Since 2025, relevant policies have been intensively introduced to encourage in-depth integration of new energy with high-energy-consuming industries such as steel, coal and cement, and promote carbon reduction in key industries. The specific plans focus on zero-carbon park formats, direct green power connection, green fuel substitution and other directions. The development of hydrogen-ammonia-alcohol green fuels has dual significance: on the one hand, green fuels are an important optional plan for green power to move towards "non-electric use of new energy"; on the other hand, combined with China's resource endowment of "rich in coal, poor in oil and less in gas", the development of green fuels has important strategic security significance.
2. Optical Interconnection | According to Shanghai Securities News, recently, US cloud service giant Google Cloud held the 2026 Next Conference, releasing a series of cutting-edge innovative products such as the 8th generation TPU and intelligent agent software platform. Google's 8th generation TPU is officially split into two different chips: TPU8t for AI model training and TPU8i more suitable for inference tasks. Among them, TPU8t is good at handling large-scale, computationally intensive training workloads, able to provide greater computing throughput and stronger scalable bandwidth, and its core goal is to shorten the development cycle of cutting-edge models from months to weeks.
3. CPU | According to media reports, the current CPU market is set off a new round of price increases. ODM manufacturers said that since March this year, the price of consumer electronics and server CPUs has increased by 5%-10% and 10%-20% respectively. Relevant people in the supply chain revealed that international major manufacturers are planning a new round of price increases in the third quarter. Previously, Intel had raised PC CPU prices in March and further adjusted server CPU prices on April 1. The market expects that there is still about 8% to 10% room for CPU price increases in the second half of the year.
4. Power Battery | According to Jiemian News, recently, the team of Ma Yanwei from the Institute of Electrical Engineering of the Chinese Academy of Sciences innovatively proposed a lattice phosphorus-nitrogen (P-N) bond engineering strategy, successfully realizing the stable charge and discharge of black phosphorus anode materials at ultra-high rates. This breakthrough is of great significance for promoting the practical application of BP-based fast-charging batteries. The team successfully prepared a soft-pack battery with black phosphorus as the anode and lithium iron phosphate as the cathode, with an energy density of 282 Wh/kg. Under high-rate charging conditions, the battery can be charged to 80% of the theoretical capacity in only 10 minutes, and can still operate stably after thousands of charge-discharge cycles, showing excellent fast-charging cycle durability.
5. Quantum Computing | According to Caijing.com, the 2026 Intelligent Quantum Summit with the theme of "Quantum Intelligence Empowers Things, Ingenious Workmanship" was recently held at the Zhongguancun Exhibition Center in Beijing. At this event, which gathered more than 100 representatives from the government, academic and industrial circles, "Liangzhi Kaiwu", China's first physical company focusing on the in-depth integration and industrialization of artificial intelligence and quantum technology, was officially unveiled and launched. The company was just established in March this year, and this appearance is its first public appearance. This event also marks that China has taken a key step from academic exploration to systematic industrial layout in the cutting-edge field of global technological competition of "AI + Quantum".
6. 3D Printing | According to People's Financial News, on April 23, ByteDance officially released the new generation of higher-precision 3D generation large model - Seed3D 2.0, which is regarded by the industry as a key step in promoting AI 3D content generation towards "production-level availability". Currently, the technical report of Seed3D 2.0 has been made public, and its API has been launched on Volcano Engine. ByteDance stated that in the comparative evaluation with existing 3D generation models, Seed3D 2.0 has achieved SOTA results (currently the best) in two core indicators: geometry generation and texture material generation.
7. Artificial Intelligence | According to IT Home, on April 23, Chery Automobile reached a global strategic cooperation with NVIDIA. The two parties will jointly develop and deploy physical AI in three major fields: assisted driving, cockpit AI and robots, accelerate Chery Automobile's global business expansion, and achieve a comprehensive layout "from cloud to vehicle". It is reported that NVIDIA released the full-stack physical AI infrastructure at the 2026 GTC Conference, including the L4 autonomous driving platform DRIVE Hyperion, the inference-type VLA model Alpamayo 1.5 and the Physical AI data factory.
Today's News Preview
1. Release of the US April University of Michigan Consumer Sentiment Index and Inflation Expectations data
2. Release of Japan's March CPI data
3. Procter & Gamble releases its latest financial report
Risk Warning and Disclaimer
The market is risky, and investment needs to be cautious. This article does not constitute personal investment advice, nor does it take into account the specific investment objectives, financial situation or needs of individual users. Users should consider whether any opinions, views or conclusions in this article are in line with their specific situation. Investment based on this is at your own risk.
+1 6269975768
微信
Teams